Bitcoin price dropped to $96,225, coinciding with $6 billion worth of Bitcoin (BTC) withdrawals from exchanges.
However, the withdrawals have coincided with a declining whale activity, indicating growing accumulation among retail investors. IntoTheBlock data shows that the highest outflow happened on Nov. 19, with $3.9 billion withdrawn from exchanges.
This accumulation period helped Bitcoin price reach an all-time high of $99,655 on Nov. 23, indicating strong buying enthusiasm. Concurrently, the US spot Bitcoin exchange-traded funds (ETFs) gained $3.38 billion in inflows over the same period, contributing to BTC’s price ascent.
Bitcoin Whale Activity
Notably, BTC whale behavior displayed another trend. Transactions valued over $100,000 dropped from 32,000 on Nov. 21 to 19,500 by Nov. 24. these transactions decreased from $136.4 billion to $53.6 billion, indicating lower engagement by major holders.
Net flows also showed a change in whale activity. On Nov. 24, Bitcoin’s large holder net flow changed from an outflow of 9,190 BTC to an inflow of 4,090 BTC, indicating that some whales increased their BTC holdings.
Analysts believe the whales’ recent accumulations indicate a fear of missing out as BTC approached the $100,000 milestone.
Bitcoin Price Consolidates
Meanwhile, the price of the leading digital asset is consolidating around $96. 251 despite an increase in 24-hour accumulations as daily trading volume rises 27.23% to $63.51 billion. The overall evaluation of the broader crypto market is up 2.23% to $3.32 trillion in the last 24 hours, despite BTC’s price drop below $98,000 and the $409.35 million in liquidations, according to CoinGlass data.
Should retail interest soar, BTC could resume its bullish run and trade above $100,000 before the year ends.
Bitcoin Price Chart. | Source: CoinMarketCap
